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'Uber has lost its mojo': early investor

Uber’s stock (UBER) is stinking up the joint. And what is tantamount to a post IPO crash isn’t lost on one early investor.

“Uber has lost its mojo,” early Uber investor Bradley Tusk of Tusk Ventures said on Yahoo Finance’s The First Trade. Tusk — a longtime confidant of Uber founder and board member Travis Kalanick — confirmed that he continues to be a shareholder in Uber. But depending on how third quarter earnings shake out, he may look to sell some — or all — of his shares once the IPO lockup period expires on Nov. 6.

Tusk says that investors have started to question Uber’s innovation and whether it could be the Amazon of transportation. Losing that belief in Uber is critical at a time when achieving profitability is incredibly unlikely.

The logo for Uber appears above a trading post on the floor of the New York Stock Exchange, Friday, Aug. 16, 2019. (AP Photo/Richard Drew)

Meanwhile, the negative headlines continue to mount for Uber.

This week alone Uber uncorked its second round of layoffs of the year, 435 people in the product and engineering departments. The fresh pink slips come as Uber tries to unlock efficiencies in a business hemorrhaging scary amounts of cash.